The United States and Hong Kong face off in a match at the Busan Gwangalli International Women’s Beach Volleyball Tournament held at Gwangalli Beach in Suyeong District, Busan, on Aug. 13.YONHAP
Happy Thursday! It's another cooler day in Seoul as forecasts predict rain nationwide over the Liberation Day weekend. Here are the stories you need to know in Korea.
As banks approach lending limits, Koreans are rushing to apply for loans amid fears of missing out. In other news, tourists are flocking to traditional markets in search of Korean sesame oil. With the U.S. Food and Drug Administration approving the use of bemotrizinol in sun care products, Korean sunscreen companies may see a new opportunity in the U.S. market.
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Today's top story
KOREA
A race for credit: Korea’s lending caps trigger loan FOMO
Borrowing in Korea is increasingly becoming a first-come, first-served game.
Concerns are mounting over a potential so-called loan cliff as banks approach their lending limits under the government’s cap on the expansion of household debt.
What began as borrowers rushing to apply for loans as soon as they become available is now developing into a fear of missing out on loans. Essentially, FOMO is driving people to get credit they do not yet need out of fear that it may not be available later.
Is the new U.S. regulation an open door or obstacle for K-sunscreens?
The U.S. Food and Drug Administration (FDA) has cleared bemotrizinol for use in sun care products, but Korean sunscreen makers still face exclusivity limits, reformulation work and drug-level regulations. Read more
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KOREA
Typhoon Dolphin's tail to bring nationwide rain over Liberation Day weekend
Rain beginning Sunday could ease southern drought conditions before heat and tropical nights return next week.
